Lac Rocher, Minago and Mel projects provide solid base for growth in robust nickel market
Nuinsco Resources Limited announced the completion of a NI-43-101-compliant resource estimate on its Lac Rocher nickel property in northwestern Quebec. Based on drilling to date and using a 0.5% nickel cutoff, the measured and indicated resource totals 1,190,288 tonnes grading 0.91% nickel for approximately 25 million pounds of in-situ nickel, and is located between surface and 125 vertical metres. Mineralization remains open to the southwest, and untested potential remains within the intrusion hosting the existing resource. Additional work is planned for 2007 to continue to examine the extent of mineralization, evaluate near-term production potential and assess other targets in the local area. Recent expansion of the forest access road network has significantly improved access to the project.
“We have had expressions of interest from companies interested in processing material from Lac Rocher,” said Paul Jones, Vice-President, Exploration. “In addition to continuing to evaluate the potential to mine this near-surface mineralization and direct ship to a mill, we will reinterpret existing geophysics and conduct additional drilling in an effort to expand the resource to the southwest.”
The mineral resource estimate was completed by The Mining Innovation, Rehabilitation and Applied Research Corporation (MIRARCO), located in Sudbury, Ontario. All analyses were performed by Laboratoire Expert of Rouyn-Noranda, Quebec. Please refer to the news release dated September 22, 2006 for the most recent drill results from Lac Rocher and the technical report entitled “Technical Report and Mineral Resource Estimate on the Lac Rocher Project” dated and filed on December 27, 2006 for further information. The Lac Rocher project is under the supervision of Paul Jones, Nuinsco’s V.P. of Exploration, who under National Instrument 43-101 is Nuinsco’s internal Qualified Person; the Lac Rocher technical report was written by Ted Goettel, P.Geol, an independent qualified person under National Instrument 43-101.
“We’re excited about the near-term production potential of this resource and the potential to find more nickel mineralization at Lac Rocher,” said CEO Rene Galipeau. “This new resource adds approximately 25 million pounds of near-surface contained nickel to our measured and indicated nickel inventory which, along with the Minago and Mel properties, will provide a solid base for growth in a robust nickel market.”
About Lac Rocher
The 100%-owned Lac Rocher property is located on the Frotet-Evans Greenstone Belt in northwestern Quebec, 140 kilometres northeast of the village of Matagami. The Lac Rocher nickel-sulphide discovery occurs in the zoned, unmetamorphosed “Discovery Intrusion” that is in sharp intrusive contact with the enveloping country rock. The 3.2 metre massive sulphide intersection at the footwall contact of the intrusion in drill hole NLR-99-01 returned a weighted average of 10.8% nickel as part of a 61.5 metre interval grading 1.69% nickel. Subsequent drilling further tested the discovery intrusion as well as other targets, identifying a larger halo zone in excess of 1% nickel surrounding the massive sulphide discovery.
About Nuinsco Resources
Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is prepared for production and focused on growth through nickel, uranium, copper, zinc and gold exploration and development in world-class mineralized belts in Canada and Turkey. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
FORWARD-LOOKING STATEMENTS: This news release contains certain “forward-looking statements.” All statements, other than statements of historical fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend” and statements that an event or result “may,” “will,” “can,” “should,” “could,” or “might” occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper, nickel and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from government authorities, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Contact:
Rene Galipeau Nuinsco Resources Limited
(416) 626-0470
Sean Stokes Nuinsco Resources Limited (416) 626-0470 Email: admin@nuinsco.ca
Website: www.nuinsco.ca
Source: Nuinsco Resources Limited
